Company expects third quarter revenue of at least $ 4.9 million, highest revenue quarter in more than three years
CORSIANA, TX, October 19, 2021 (GLOBE NEWSWIRE) – Midwest Energy Emissions Corp. (OTCQB: MEEC) (âME2C Environmentalâ or the âCompanyâ), a leading environmental technology company, provided a recent operational summary and preliminary results of sales for the third quarter ended September 30, 2021.
Operational summary and preliminary sales results for the third quarter of 2021
Completion of Phase 1 testing of the company’s rare earth element (REE) technology with the College of Earth and Mineral Sciences at Pennsylvania State University, confirming an efficiency rating of 80 to 90% in the extraction of selected rare earths. District Judge of the U.S. District Court of Delaware approved the adoption of the report and the trial judge’s recommendation to allow the Company to pursue legal actions against certain refined coal entities as named in the 2019 lawsuit giving exciting impetus to the Company’s important lawsuit to properly protect its patented mercury emissions capture technology. Signed a five-year license agreement with a utility in the US Midwest to provide a non-exclusive license to certain ME2C patents for use in connection with the utility’s coal-fired power plant. Third quarter 2021 revenue is expected to increase by approximately 75% to at least $ 4.9 million compared to revenue of $ 2.8 million in the same quarter last year. The final recognized revenues are subject to the Company’s quarterly review and will be published with the Company’s unaudited financial statements and related quarterly report.
Fourth quarter 2021 revenues for the Company’s core business are expected to reach $ 4 million. For the full year 2021, ME2C expects significant growth over the full year 2020 and to achieve positive operating cash flow for the foreseeable future.
âAs our third quarter results will be finalized and released in mid-November, we are pleased to update the market on our preliminary results for the quarter ending September 30 and our momentum into the latter part of 2021. Our figure This third quarter’s business is our highest revenue quarter in over three years; the last time our revenues exceeded $ 4 million in a quarter was in the third quarter of 2018. Our third quarter was marked by substantial developments in key areas related to strategic growth initiatives. Over the past few months, we have announced additional supply agreements in our core business, capturing mercury emissions, and promising results from recent laboratory tests of our emerging technology in the extraction of rare earth elements. Said Richard MacPherson, CEO of ME2C Environmental. “We are moving forward with the next phase of short-term testing, which will focus on the regenerative capabilities of the technology and introduce real-world conditions, such as ash from coal and other minerals while simultaneously progressing with field tests in the fourth quarter. . “
MacPherson continued, âThe lawsuit with refined coal entities, filed in July 2019, advances with the discovery process as approved by the court earlier this month. We are delighted with recent progress in this effort to uphold our patent position for our shareholders. With the conclusion of the Refined Coal Tax Credit program in December 2021, ME2C Environmental is strongly positioned to win additional sourcing business from power plants that use refined coal. We believe this decade-long billion-dollar-per-year program could not have continued without borrowing the benefits of our patented technologies for capturing mercury emissions. ME2C’s patented SEAÂ® approach can provide a seamless transition from refined coal for these power plants.
âOur recent revenues have been driven largely by increased demand for supply in the coal-fired power plant market as well as new supply activities with Vistra Corp. which were announced in the second quarter following a license agreement reached at the end of 2020. The fundamental growth of our mercury The programming supply activities that we announced at the end of last year have been slow to be reflected in our income and are now starting to take effect. Our momentum has accelerated throughout 2021, and we plan to continue to grow our revenue base and generate positive cash flow from operations going forward, ultimately generating lasting value for our businesses. shareholders, âconcluded MacPherson.
About ME2CÂ® Environment
ME2C Environmental (OTCQB: MEEC) is a leading environmental technology company that develops and provides patented and proprietary solutions to the global energy industry. ME2C’s state-of-the-art services have been shown to eliminate emissions at a significantly lower cost and with less operational impact than methods currently in use, while maintaining and / or increasing power plant output and preserving the marketing of by-products for beneficial use. ME2C Environmental is a trade name of Midwest Energy Emissions Corp. For more information, please visit http://www.me2cenvironmental.com/.
Safe Harbor Declaration
Except for historical information contained in this press release, the contents of this press release may contain “forward-looking statements” which are made in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are usually identified using words such as “anticipate”, “believe”, “plan”, “expect”, “intend”, “will” and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that forward-looking statements involve risks and uncertainties which could cause actual results to differ materially from statements made. Items that could cause actual results to differ materially from those of forward-looking statements include, among other factors, the gain or loss of a major customer, changes in environmental regulations, disruption of material supply, fluctuations the capacity factor of power plant operations. and electricity demands, a significant change in general economic conditions in one of the regions where our utility customers could experience significant changes in demand for electricity, a significant disruption in the supply of coal to our customer units , loss of key management personnel, availability of capital and any major litigation involving ME2C Environmental. In addition, this press release contains urgent information which reflects management’s best analysis only as of the date of this press release. ME2C Environmental does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release. Further information regarding issues that could materially affect financial performance relating to forward-looking statements contained in this press release can be found in ME2C Environmental’s periodic filings with the Securities and Exchange Commission.
ME2C Environment contact: Stacey Hyatt Corporate Communications ME2C Main Environment: 614-505-6115 x-1001 Direct: 404-226-4217 [email protected]
Investor Relations Contact: Greg Falesnik or Brooks Hamilton MZ Group – MZ North America 949-546-6326 [email protected]
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